DAYTON, Ohio (WDTN) – The American dream of homeownership is still attainable according to experts although they say this is a historic housing market. Greg Blatt is a board member of the Dayton Realtors Association and a real estate broker with 41 years of experience.
“This by far is one of the most challenging [housing] markets I’ve seen,” said Blatt.
According to Blatt, there is a low inventory of houses available, but a high demand for homes. Blatt serves Dayton and 8 surrounding counties and he says he’s seeing this issue in our area and beyond.
“We have a tremendous housing shortage across the country and because of that we have a great pent up demand,” he explained.
He says the market is tough for buyers as they face stiff competition and find themselves fatigued by the process. But the low interest rates resulting from coronavirus pandemic regulations are a good incentive to keep trying according to Blatt.
“Interest rates are still at very much almost historic lows, I’d say we’re still below 3 percent,” he said. “If I were a buyer today, I would persevere and still try to find that perfect house.”
There are also challenges for the sellers, despite the demand. Blatt says they face hard choices on who to choose to sell their home to, and many sellers also find themselves without a home of their own to move into. This is causing them to delay and sit on potential inventory.
“What we need to do to help fix this problem is have our local governments work with builders and developers to reduce the fees involved in building a new home to help us get homes out of the ground sooner,” said Blatt.
Despite these challenges, Blatt says both buyers and sellers should be encouraged to stay in the market and find themselves the right realtor and team to guide them through the process.
“The American dream is alive and well and homeownership is the foundation to anyone’s financial security so don’t give up on that dream,” said Blatt.
For more information on the Dayton Realtors Association, click here.